Defections begin for Knight Capital, which is being acquired by rival Getco. In what seems like a very nice pickup for Gain Capital CEO Glenn Stevens and his team, Gain has hired Knight Capital's Joe Wald to head Gain GTX, Gain's institutional FX platform. Wald had come to Knight via Knight's acquisition of the algorithmic…
Read moreGetco likely to divest Knight's non-core assets, including Hotspot FX. Although it has not yet been formally announced, sources close to the situation (and as reported by CNBC) reported that Knight Capital's board will select Getco's offer to buy the company, after Getco raised the cash portion of its bid to $3.60 per Knight share.…
Read moreWill Hotspot FX soon have a new owner? Hotspot FX reported that volumes in its Forex ECN system fell in November to average $21.6 billion daily, down 5% from October's $22.7 billion -- and down 22% from last-year November's $27.9 billion. What's been interesting most of our readers though, it seems, is the future of…
Read moreEither way, likely that Hotspot FX finds a new home. Things sure can move fast on Wall Street. Just several hours after we blogged about (likely) potential bids emerging for the entirety of market-maker Knight Capital -- not just for one of its divisions, which was the topic of a weekend Wall Street Journal article…
Read moreAcquisition rumors swirl around Knight Capital after weekend WSJ article. The parent company of Forex ECN Hotspot FX, Knight Capital (NYSE: KCG), has seen its shares spike by about 20% the past two trading days, since a Wall Street Journal weekend article stated that Knight was weighing the sale of its main equity market-market business…
Read more... but parent Knight Capital continues its comeback from the August "glitch". Hotspot FX reported that volumes in its Forex ECN system fell in October to average $22.7 billion daily, down 12% from September's $25.8 billion -- and down 34% from last-year October's $34.2 billion. The October decrease is basically in line with what we…
Read moreFirm volumes overall recover nicely following August "glitch". Brokerage firm Knight Capital -- which famously nearly went under in early August after a trading glitch in its equities business caused a $400 million loss -- announced its volumes for September, and in most key categories things seem to have stabilized. In its Forex ECN unit…
Read moreHotspot FX would likely fetch $150-200 million. In comments made to reporters on the sidelines of a Security Traders Association conference on Friday, and reported by Reuters, Knight Capital CEO Tom Joyce said that the company is unlikely to shed any of its major business units -- which include Forex ECN Hotspot FX -- as Knight looks…
Read moreIs a buyer emerging for the entirety of Knight Capital?
Read moreHotspot FX would likely fetch $150-200 million.
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